Forward Industries is deepening its commitment to Solana after filing a $4 billion at-the-market (ATM) equity offering program with the US Securities and Exchange Commission on Sept. 17.
The company said proceeds from the program will fund general corporate needs, including working capital, strategic acquisitions, and expansion of its Solana treasury holdings.
According to Google Finance data, shares of Forward Industries fell 7% to $34 in early trading following the announcement.
Despite the market reaction, company executives framed the move as a strategic way to unlock capital while reinforcing its balance sheet.
Kyle Samani, chairman of the company board, said:
“Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy.”
He added that the program builds on the firm’s earlier efforts, which included completing the largest Solana-focused treasury raise to date and purchasing more than 6.8 million SOL tokens.
Notably, Forward Industries acquired these coins through a $1.65 billion deal led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
Solana treasuries gain ground
Forward’s aggressive accumulation aligns with a broader trend among companies integrating Solana into their treasury strategies.
Data from the Strategic Solana Reserve tracker shows that corporate holdings of the token recently climbed to 17.17 million SOL, worth more than $4 billion. These holdings represent nearly 3% of Solana’s circulating supply.
In an X post, Michael Marcantonio, Galaxy’s head of DeFi, argued that several firms are turning to Solana treasuries because they could outperform their Bitcoin and Ethereum counterparts due to several structural advantages.
According to him, Solana’s higher volatility creates opportunities for financial engineering through bonds and warrants, which may accelerate token accumulation for treasury firms. Second, its staking yield, currently about 7-8% compared with Ethereum’s 3-4%, offers a compounding effect that steadily increases net asset value over time.
Marcantonio also pointed to Solana’s relative undervaluation, noting that despite its smaller market capitalization, the blockchain network processes more transactions and supports more users than Ethereum.
Considering this, he surmised that:
“If Solana treasury companies execute well, they can offer asymmetric upside (because NAV/share can compound both from treasury mechanics and from market repricing of SOL relative to ETH).”